Preliminary results for September show consumers remain pessimistic.
The University of Michigan Consumer Sentiment Index was up slightly in preliminary September data released this morning.
According to Surveys of Consumers Director Joanne Hsu, consumer sentiment was essentially unchanged in September, up just 1.3 index points or 2.2% above August. The Index is 18.3% below the level a year ago. Consumer sentiment is viewed as a leading indicator of economic activity and sharp declines have often preceded or happened during the early point of recessions.
The chart above shows the Consumer Sentiment Index for the past 50 years. The gray vertical
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